KPMG survey: Saudi CEOs positive about future growth

Abdullah Al-Fozan, chairman of KPMG in Saudi Arabia.
Updated 17 December 2018

KPMG survey: Saudi CEOs positive about future growth

Chief executive officers in Saudi Arabia remain moderately optimistic about the growth prospects of the Kingdom’s economy, as it diversifies away from oil, according to a survey by KPMG Al-Fozan & Partners, an audit, tax and advisory service provider.

The cautiously pragmatic outlook of the CEOs in Saudi Arabia also reflects the fast-changing and challenging domestic and global environment, such as the slowdown in the private sector and looming trade wars.

In its second edition of the “Saudi Arabia CEO Outlook 2018” report, KPMG Al-Fozan & Partners said nearly two-thirds  of Saudi CEOs are positive about the future growth prospects of the economy and remain positive about the government’s economic diversity programs and initiatives to reduce oil dependence, notably Saudi Vision 2030 and its realization programs.

In this year’s findings, 92 percent of CEOs in Saudi Arabia are confident about the growth of both their companies and industries over the next three years The latest CEO survey is based on the input of 50 CEOs in Saudi Arabia, who took part in the KPMG’s “Global CEO Outlook” report. 

While the report found that global CEOs have become less positive about global growth compared with the previous year, CEOs in Saudi Arabia are more confident about future growth prospects than their global peers. The confidence level of Saudi CEOs about the global economy stood at 94 percent this year as against 55 percent last year. 

Meanwhile, Saudi CEOs rank “return to territorialism” as one of the key challenges to their growth, with 74 percent finding it as one of the top three risks faced by their organization. 

Abdullah Al-Fozan, chairman of KPMG in Saudi Arabia, said: “GCC economies have been experiencing an unprecedented change in the wake of a prolonged period of low oil prices. However, as Saudi Arabia embraces robust national strategies of economic diversification, its CEOs have expressed a very encouraging level of confidence in their business for the next three years.”

He added: “Saudi Arabian CEOs are positive about future growth, considering the economy is diversifying away from oil and real growth is expected to be supported by services and manufacturing. Moreover, a moderate recovery in oil production levels and marginally higher public spending are also expected to support a positive macroeconomic outlook.”

According to Arvind Singhi, head of clients and markets at KPMG in Saudi Arabia, 62 percent of the Saudi CEOs indicate developed markets as their biggest priority for geographical expansion over the next three years, with North America and Australia being the most important regions.

ZMZM Society unveils visionary strategy and new identity

Top executives and management officials of ZMZM at a ceremony on Feb. 28 to unveil the new identity system of the society.
Updated 18 March 2019

ZMZM Society unveils visionary strategy and new identity

ZMZM Society for Voluntary and Charitable Health Services recently unveiled its new strategy and identity, in line with the Kingdom’s Vision 2030, aiming to tackle modern-day health care challenges.
The society, which has long been a recognized and trusted name, has renewed its commitment to providing integrated sustainable health care to people in need.
For almost 15 years, the Jeddah-based charity has worked to create innovative solutions that overcome everyday health care challenges — growing to become a formidable wealth of knowledge and experience dedicated to enhancing the quality of life for all. While the original mission of ZMZM remains unchanged, due to the changing social, economic and technological climate, and to continue improving people’s lives, the society needed a fresh approach. 
In 2016, ZMZM initiated a detailed introspective examination of its strategy and operations. The strategic transformation has been well timed — lining up correctly with the charity sector cornerstone detailed within Vision 2030. As such, ZMZM’s transformation strategy aims to produce a stronger, more unified organization, one that is better equipped to tackle modern-day health care challenges.
A timely and systematic initiative within the charity’s strategic plan has been the structured development of a new multi-sensorial, institutional identity system, supported by an employee, volunteer and donor engagement platform.
Led by Professor Adnan bin Ahmed Albar, chairman of the board of directors, and attended by members of ZMZM and senior dignitaries, the new identity system was unveiled on Feb. 28. ZMZM used this event to usher in a new age for the group, its network of volunteers and medical experts, and the people ZMZM helps every day.
Chairman Prof. Albar said he is thrilled to be spearheading this new movement and vowed to keep ZMZM ahead of the economic and social changes that are occurring throughout the Kingdom. He said that he, along with ZMZM’s supporters, are determined to work harder than ever toward a brighter future for everyone.
Director-General of the Ministry of Labor and Social Development Abdullah bin Ahmed Al-Tawi praised the ambition and dedication of ZMZM, saying: “I appreciate the efforts of ZMZM, which began with in-depth studies that carefully considered the map of the future and resulted in a more prepared organization.”
The new direction is aligned to a simple truth: That everyone is entitled to live a happy, healthy life.
“ZMZM will bring its new identity to life through a series of strategic commitments. They include prioritizing community engagement, leveraging the power of effective collaboration, working with flawless precision, committing to continuous improvement and upholding the importance of meaningful accountability,” the society said in a statement.